WEBVTT - Forte Bioscience Pop; Astrazeneca Reports; Paramount-Warner Latest

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>Let's take a look at some stacks on the move today.

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<v Speaker 3>Let's start with the biopharma sector. There's a big winner

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<v Speaker 3>there this morning. Forte Biosciences ticker symbol FBRX. This is

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<v Speaker 3>a clinical stage biopharma company based in Dallas. It's up

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<v Speaker 3>thirty six percent right now. It has been on a

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<v Speaker 3>tear though. Guys, up one hundred percent year to date,

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<v Speaker 3>three hundred and seventy percent in the past year. This

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<v Speaker 3>is a company with a market cap of about one

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<v Speaker 3>point one billion dollars. It is being bought out by

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<v Speaker 3>the Netherlands based Rgenix for two point two billion in cash.

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<v Speaker 3>That's seventy seven dollars a share. Just to give you

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<v Speaker 3>an idea, last traded at about fifty five dollars a share.

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<v Speaker 3>So Fortes developing a promising drug for treating videligo and

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<v Speaker 3>celiac disease that they say could be used to address

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<v Speaker 3>multiple autoimmune conditions.

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<v Speaker 1>ID thing this weekend. I had no idea how big

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<v Speaker 1>ASML is in the Netherlands.

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<v Speaker 3>Oh, it's huge.

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<v Speaker 1>It's like ginormous. There's no American equivalent. No, it's ginormous.

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<v Speaker 3>They got some winners over there in the Netherlands. All right,

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<v Speaker 3>let's stick with medical, shall we, and go Astrozenica little

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<v Speaker 3>overseas there a z and is the ticker symbol up

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<v Speaker 3>about oh, just one percent. It has been down three

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<v Speaker 3>and a half percent though year to date. It reported

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<v Speaker 3>higher than expected profit, boosted by its blockbuster cancer medications,

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<v Speaker 3>earnings per share rising twenty one percent. Last quarter. The

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<v Speaker 3>company also released some promising results for an experimental treatment

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<v Speaker 3>for gastrect cancers. It now expects sales of more than

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<v Speaker 3>five billion dollars a year for an experimental drug for

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<v Speaker 3>chronic obstructive pulmonary disease. So that's stock getting a bit

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<v Speaker 3>of a lift today.

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<v Speaker 1>I look up when there's an ad on TV old

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<v Speaker 1>fard add we're all Diane, this will save you. I

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<v Speaker 1>look up with the old costs for these drugs. They're

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<v Speaker 1>like twenty five thou thirty thousand bucks a year, and

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<v Speaker 1>then it's paid by I don't know who pays for it.

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<v Speaker 3>It's all man grounded in mystery, and it shouldn't.

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<v Speaker 1>Be yeah, well said, And it comes down to, like

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<v Speaker 1>you pay a dollar two ninety eight, everybody else pays.

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<v Speaker 1>I don't know who the everybody else is, like through

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<v Speaker 1>through the ring, insurance or whatever. We need somebody to

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<v Speaker 1>come in and clear it up for us. Yes, we do.

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<v Speaker 3>This one was I picked this one especially for Paul Sweety.

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<v Speaker 3>Paramounts guidance so down just fractionally, and Warner Brothers down

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<v Speaker 3>one point six percent. But these two are at the altar.

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<v Speaker 3>They just cannot tie the knot Paramount and Warner Brothers

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<v Speaker 3>still tethered to one another. A federal court considering claims

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<v Speaker 3>that their eighty one billion dollar deal violates antitrust law.

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<v Speaker 3>And guess what, this case could stretch well into next year. Meanwhile,

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<v Speaker 3>it's going to be ticking on what Paramount owes Warner

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<v Speaker 3>Brothers in terms of late fees or if it ultimately

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<v Speaker 3>doesn't happen, there's a huge breakup fee.

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<v Speaker 1>Huge.

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<v Speaker 4>I mean the attorney for Warner Brothers, Discovery I think

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<v Speaker 4>did a great job here. They saw this coming potentially

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<v Speaker 4>maybe not from the States, but and they said, if

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<v Speaker 4>this happens, we're gonna get paid for this incremental reason.

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<v Speaker 3>So here's my question if it doesn't happen yep, Warner

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<v Speaker 3>Brothers gets paid richly, and then what happens who comes in,

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<v Speaker 3>swoops in and buys them.

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<v Speaker 4>No idea and who operates these companies? I'm like, how

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<v Speaker 4>are these companies are going to operate over the next

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<v Speaker 4>twelve months while this trial goes on. Are they going

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<v Speaker 4>to make investments?

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<v Speaker 1>Or twenty seconds and we'll do this longer. Is this

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<v Speaker 1>affected by the midterm elections?

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<v Speaker 4>The good news is that CNN will stay. This is

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<v Speaker 4>according to CNN, they will remain independent through the elections,

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<v Speaker 4>and for them that's important.

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<v Speaker 1>Okay, yep, delicate questions.

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<v Speaker 2>This stock Movers report from Bloomberg Radio. Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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<v Speaker 2>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

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<v Speaker 2>with the Bloomberg Business app. Mm hmm.